Mastercard acquires Latin American Start Path protégé Arcus
Mastercard has acquired Arcus FI, a participant in the company’s Start Path programme.
Arcus participated in Mastercard’s start-up programme
The takeover is intended to support the delivery of bill pay solutions and other real-time payment applications across Latin America.
Arcus was launched in 2013 and its platform enables businesses to launch and offer payment solutions. Users include BBVA, Santander, Walmart, 7-Eleven, and Rappi.
Arcus has more than 100 employees, more than 100 clients, and operations in seven countries in Latin America.
Arcus’ platform recently received approval to enable payment processing, settlement and reconciliation via Mexico’s real-time Interbank Electronic Payment System – Sistema de Pagos Electrónicos Interbancarios (SPEI).
Arcus’ technology, network and customer relationships will help accelerate the introduction of Mastercard Bill Pay to Latin America.
Bill Pay allows consumers to view, manage and pay household and other personal bills from within their preferred financial service provider’s app. It is already live with banks and credit unions and a network of 135,000 billers in the US as Mastercard Bill Pay Exchange.
Arcus was a participant in Start Path, Mastercard’s global start-up engagement programme, which helps innovative later-stage start-ups to scale.
Laura Cruz, division president for Mexico and Central America at Mastercard, says: “With the addition of the Arcus team, we will enhance existing payment experiences and create new opportunities to address every day needs by connecting more people to the digital economy.”
Iñigo Rumayor, co-founder at Arcus, says: “Becoming part of the Mastercard family and a direct participant in the SPEI network expands what we can deliver to our customers.”
